Describe what is meant by acceptable audit risk. Explain why each of the following statements is true:A CPA firm should attempt to achieve the same audit risk for all audit clients when circumstances are similar.

Describe what is meant by acceptable audit risk. Explain why each of the following statements is true:
a. A CPA firm should attempt to achieve the same audit risk for all audit clients when
circumstances are similar.
b. A CPA firm should decrease acceptable audit risk for audit clients when external
users rely heavily on the statements.
c. A CPA firm should decrease acceptable audit risk for audit clients when engagement
risk is high.
d. Different CPA firms should attempt to achieve reasonably similar audit risks for cli-
ents with similar circumstances.

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